Texas Permanent School Fund boosted its stake in First Solar, Inc. (NASDAQ:FSLR) by 3.8% during the 1st quarter, HoldingsChannel reports. The fund owned 51,280 shares of the solar cell manufacturer’s stock after purchasing an additional 1,895 shares during the quarter. Texas Permanent School Fund’s holdings in First Solar were worth $2,710,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in the stock. JOYN Advisors Inc. boosted its holdings in shares of First Solar by 130.2% during the 4th quarter. JOYN Advisors Inc. now owns 603 shares of the solar cell manufacturer’s stock valued at $26,000 after buying an additional 341 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its stake in First Solar by 3,850.9% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,267,749 shares of the solar cell manufacturer’s stock worth $30,000 after purchasing an additional 1,235,661 shares in the last quarter. Private Capital Group LLC boosted its stake in First Solar by 68.6% in the 4th quarter. Private Capital Group LLC now owns 1,165 shares of the solar cell manufacturer’s stock worth $49,000 after purchasing an additional 474 shares in the last quarter. Valeo Financial Advisors LLC boosted its stake in First Solar by 180.2% in the 4th quarter. Valeo Financial Advisors LLC now owns 1,555 shares of the solar cell manufacturer’s stock worth $66,000 after purchasing an additional 1,000 shares in the last quarter. Finally, ETF Managers Group LLC boosted its stake in First Solar by 15.8% in the 4th quarter. ETF Managers Group LLC now owns 1,828 shares of the solar cell manufacturer’s stock worth $78,000 after purchasing an additional 249 shares in the last quarter. Institutional investors and hedge funds own 61.50% of the company’s stock.
A number of brokerages recently issued reports on FSLR. Zacks Investment Research cut shares of First Solar from a “hold” rating to a “sell” rating in a research note on Friday, February 22nd. BidaskClub cut shares of First Solar from a “buy” rating to a “hold” rating in a research note on Tuesday. ValuEngine upgraded shares of First Solar from a “hold” rating to a “buy” rating in a research note on Wednesday, May 1st. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $72.00 price target (up previously from $70.00) on shares of First Solar in a research note on Monday, May 6th. Finally, Argus upped their price target on shares of First Solar to $66.00 and gave the stock an “average” rating in a research note on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $63.85.
NASDAQ FSLR opened at $60.67 on Friday. First Solar, Inc. has a 52 week low of $36.51 and a 52 week high of $72.98. The stock has a market cap of $6.31 billion, a PE ratio of 44.61, a price-to-earnings-growth ratio of 1.07 and a beta of 1.32. The company has a quick ratio of 3.83, a current ratio of 4.38 and a debt-to-equity ratio of 0.11.
First Solar (NASDAQ:FSLR) last released its quarterly earnings results on Thursday, May 2nd. The solar cell manufacturer reported ($0.64) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by ($0.52). First Solar had a negative net margin of 0.28% and a negative return on equity of 0.12%. The business had revenue of $532.00 million for the quarter, compared to analysts’ expectations of $596.32 million. During the same period in the previous year, the company earned $0.78 EPS. First Solar’s revenue for the quarter was down 6.2% compared to the same quarter last year. Sell-side analysts forecast that First Solar, Inc. will post 2.41 EPS for the current fiscal year.
In related news, CTO Raffi Garabedian sold 20,141 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $60.05, for a total transaction of $1,209,467.05. Following the completion of the transaction, the chief technology officer now directly owns 31,099 shares in the company, valued at approximately $1,867,494.95. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Alexander R. Bradley sold 6,427 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $53.65, for a total value of $344,808.55. Following the transaction, the chief financial officer now owns 6,427 shares of the company’s stock, valued at $344,808.55. The disclosure for this sale can be found here. Insiders have sold a total of 117,572 shares of company stock valued at $6,997,116 in the last ninety days. Insiders own 0.72% of the company’s stock.
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About First Solar
First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United States and internationally. It operates in two segments, Modules and Systems. The Components segment designs, manufactures, and sells cadmium telluride solar modules that convert sunlight into electricity. This segment offers its products to integrators and operators of PV solar power systems.
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